Read Why Needham Chose Marvell as Top Semiconductor Pick

Read Why Needham Chose Marvell as Top Semiconductor Pick
The logo of Marvell Technology on the company's building in Irvine, Calif., in January 2021. Google Maps/Screenshot via The Epoch Times
Benzinga
Updated:

Needham analyst N. Quinn Bolton raised the price target on Marvell Technology Inc. to $115 from $110 and reiterated a Buy. The price target implies a 30.9 percent upside.

Marvell is Needham’s top pick for 2022 within semiconductors.

Bolton estimates Marvell will organically grow revenue by more than 30 percent in CY22 and by ~20 percent in CY23, the fastest growth amongst its large-cap peers.

New design wins for its 5-nm platform, market share gains, and increasing supply from its major wafer foundry, substrate, and assembly and test partners will likely drive the growth, Bolton contended.

Marvell Technology is a fabless chipmaker focused on networking and storage applications.

By Anusuya Lahiri
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